2026年2月26日，百度发布2025年第四季度及全年财报。财报开篇便以“AI成为新核心”定下基调，呈现400亿元AI业务营收、48%的同比增速、Q4占比43%的亮眼数据。但是，2025年归百度的净利润56亿元，净利率4%，较2024年的238亿元暴跌76%。然而，深入拆解这份长达23页的财报数据却发现，在光鲜的增长叙事背后，百度正陷入营收下滑、盈利失真、成本高企、现金流承压的多重困境。这场以“...
Source Link2026年2月26日，百度发布2025年第四季度及全年财报。财报开篇便以“AI成为新核心”定下基调，呈现400亿元AI业务营收、48%的同比增速、Q4占比43%的亮眼数据。但是，2025年归百度的净利润56亿元，净利率4%，较2024年的238亿元暴跌76%。然而，深入拆解这份长达23页的财报数据却发现，在光鲜的增长叙事背后，百度正陷入营收下滑、盈利失真、成本高企、现金流承压的多重困境。这场以“...
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